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Except for PNB, no unauthorised LoUs issued by PSBs: SBI official
Posted on 15th March 2018
All public sector banks have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by Punjab National Bank, a senior SBI official said here today.

Billionaire jeweller designer Nirav Modi and his uncle Mehul Choksi in connivance with certain bank officials allegedly cheated the PNB of Rs 12,968 crore through fraudulent Letters of Undertaking (LoUs).

Paytm launches 2 new services under wealth management offering
Posted on 15th March 2018
Bengaluru: Mobile application based financial services platform Paytm has announced the launch of two new services—Gold Gifting and Gold Savings Plan as part of its wealth management offering, Paytm Gold.

The company said the customers can now send 24K 999.9 purity gold to each other instantly - offering them a convenient gifting solution. It said that more than 60% of Paytm Gold purchases are from tier two and three cities with millennial constituting the majority.

Paytm to launch mutual funds, insurance, banking services via payments bank
Posted on 13th March 2018
Mobile-first fintech major Paytm is planning a major push in the financial services sector. In the next few months, the Vijay Shekhar Sharma-led company is planning to launch services including mutual funds, general insurance, life insurance and a number of banking services via its payments bank.

The firm, owned by One97 Communications, is also providing the option to transact offline with a physical debit card.

End of traditional food coupons? Paytm food wallet used in over 550 companies
Posted on 12th March 2018
With digital transactions on the rise, Paytm recently announced that it is providing food wallet solution to over 550 companies across the country. Paytm food wallet which was launched somewhere around April last year is now serving companies like L’Oreal, Hero Motocorp, Quess Corp, KPIT, Allsource Technologies, Shoppers Stop, GAP, Big Basket and OML among others.

Paytm's claim of leadership in UPI payments misleading, says PhonePe
Posted on 9th March 2018
A week after Vijay Shekhar Sharma-led Paytm staked claim to being the country’s largest Unified Payments Interface (UPI) platform, Flipkart’s digital payments arm PhonePe has hit back saying that Paytm’s claim of being the leader is "uni-dimensional and misleading".

In a blog post published on Thursday, PhonePe said that while Paytm had a larger volume of transactions on UPI, the average value per transaction on Paytm was paltry in comparison to its own.

Paytm Money to start operations in 8 weeks with a dozen AMCs
Posted on 7th March 2018
BENGALURU: Having received the approval of the Securities and Exchange Board of India (Sebi) last week, Paytm Money is all set to commence operations in the next six to eight weeks along with a dozen or so asset management companies (AMCs).

Paytm offers non-KYC users option to use gift vouchers
Posted on 3rd March 2018
BENGALURU: Consumers can still load money into a Paytm wallet even if they haven’t completed their Know-Your-Consumer (KYC) formalities. Paytm appears to be working around the latest directive of the RBI for mandatory KYC, where users can load money into their accounts through gift vouchers on the platform.

But these gift vouchers won’t let you send money to others or send it back to your bank accounts.

Paytm registers 6.8 crore UPI transactions in February
Posted on 2nd March 2018
Digital payment major Paytm announced that it has registered 68 million Unified Payments Interface (UPI) transactions in February, 2018, thus emerging as the largest contributor to the overall volume of UPI transactions.

In December last year Paytm had contributed 33 million to the overall transaction volume for UPI, which rose to 51 million in January 2018 and 68 million in February.

Paytm inks pact with Singapore Tourism; flyers to get Rs 2500 cash back
Posted on 28th February 2018
The Singapore Tourism Board (STB) announced its strategic partnership with Paytm, a homegrown mobile-first financial services platform, thus making STB the first National Tourism Organisation (NTO) to partner with the latter.

As a part of this partnership, Paytm would run joint promotions on its platform to promote Singapore tourism. This will bring Singapore's tourism offerings to Paytm's 300 million strong users.

Paytm launches two more firms to enter insurance sector, boost fintech biz
Posted on 23rd February 2018
On a rapid expansion mode mobile fintech major Paytm has launched two more firms with an aim to enter the insurance sector in the country.

This move has taken its total count of companies to six.

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